Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 3.00

Winged Wheel Garage, Inc.

Winged Wheel Garage, Inc., purchased a parcel of land on January 3, 2012, for $50,000. Its market value at the end of 2012 was $55,000.
Requirements
1. Using the U.S. GAAP cost principle, at what value would the land be reported on the balance sheet as of January 3, 2012? What value would the land be reported at on the December 31, 2012, balance sheet?
2. Using IFRS, at what value would the land be reported on the balance sheet as of January 3, 2012? What value would the land be reported at on the December 31, 2012, balance sheet?

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 11:08 PM My Price 3.00

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